Avoiding ATM Surcharges
Getting hit with fees at the ATM is an increasingly familiar -- and expensive
-- nuisance. It's not uncommon to be charged $1.50 for using another bank's
machine (or charged by your own bank for exceeding the maximum number
of visits they allow). Even worse are those generic money machines you
see at convenience stores with fees as high as $3. These surcharges can
really add up, slowly but surely busting your budget for the sake of convenience.
But visiting the teller isn't any better, as many banks also now charge
customers for teller visits over the maximum, sometimes as low as four
times a month. Here are some suggestions for avoiding ATM surcharges:
- Use your ATM card to pay for things at stores where they allow you additional
cash back. There's still generally no charge for this. Anticipate your
cash needs for the week and take out enough so that you don't have to
go to the ATM as often.
- Look for "no surcharge" advertisements from smaller banks
hoping their friendly attitude will win you over to their side of the
street. Happily, they're popping up more often these days.
- Using an ATM while traveling abroad may seem like a great way to get
foreign cash until you see the fees when you get home. Even traveler's
checks costing 1 percent of total are cheaper. Use your own bank's machines.
- Get a directory of where your bank has ATMs -- one may be closer than
you think. Conversely, if you find yourself using another bank's machines
more often than your own, it may be time to switch banks.
© 2005 Jean Chatzky. For more Jean Chatzky articles, see
www.jeanchatzky.com.
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